Heritage Insurance Holdings, Inc. (HRTG) swung to a net loss for the quarter ended Dec. 31, 2016. The company has made a net loss of $2.86 million, or $ 0.09 a share in the quarter, against a net profit of $20.24 million, or $0.66 a share in the last year period.     

Revenue during the quarter went up marginally by 1.45 percent to $102.81 million from $101.33 million in the previous year period. Net premium earned for the quarter went down marginally by 2.73 percent or $2.67 million to $94.91 million.

Net investment income was at $2.60 million for the quarter, up 50.43 percent or $0.87 million from year-ago period. The company has booked a loss on investments of $0.03 million in the quarter compared with a loss of $0.32 million for the previous year period.

Bruce Lucas, the Company’s chairman and chief executive officer, said, "2016 was a challenging year for the Company. We had record tornados, two hurricanes, and significantly increased loss reserves in response to the current Florida claims environment. Despite these headwinds, we produced $33.9 million in net income, repurchased $25.6 million of our common stock, declared over $7 million in dividends, and delivered a 9.5% return on average equity. I’m proud of our Company’s performance post hurricanes " our claims team delivered timely service to policyholders, our water mitigation and construction divisions performed as planned, and we demonstrated that our vertically-integrated service model works. During 2016, we continued to successfully diversify our business, writing and renewing voluntary personal and commercial residential policies which now account for over 47% of policies-in-force, while policies assumed from Citizens now account for roughly 53%. Importantly, our exposure in personal residential within the tri-county is reduced with the segment in Florida now making up approximately 18% of our total insured value. As we move into 2017, we look to strengthen our position and further diversify our risk portfolio through M&A and strategic investments. We anticipate continued consolidation in our industry and we believe Heritage is in a prime position to selectively participate. We will remain diligent to ensure we are operating the business with a profitable risk profile while focusing on growth in new states. Our priority is managing the business for bottom line results to achieve high returns for our stockholders."

Return on assets was negative at 0.28 percent in the quarter against a positive 2.42 percent in the last year period. Return on equity was negative at 0.80 percent in the quarter against a positive 5.68 percent in the last year period.

Total debt was at $72.90 million as on Dec. 31, 2016. Shareholders equity was almost stable over the past one year at $357.96 million on Dec. 31, 2016. As a result, debt to equity ratio was at 0.20 percent in the quarter.